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131 STAT. 2128 PUBLIC LAW 115–97—DEC. 22, 2017 the date of the enactment of this Act, except that such amend- ments shall not apply to amounts paid or incurred under any binding order or agreement entered into before such date. Such exception shall not apply to an order or agreement requiring court approval unless the approval was obtained before such date. (b) REPORTING OF DEDUCTIBLE AMOUNTS.— (1) IN GENERAL.—Subpart B of part III of subchapter A of chapter 61 is amended by inserting after section 6050W the following new section: ‘‘SEC. 6050X. INFORMATION WITH RESPECT TO CERTAIN FINES, PEN- ALTIES, AND OTHER AMOUNTS. ‘‘(a) REQUIREMENT OF REPORTING.— ‘‘(1) IN GENERAL.—The appropriate official of any govern- ment or any entity described in section 162(f)(5) which is involved in a suit or agreement described in paragraph (2) shall make a return in such form as determined by the Sec- retary setting forth— ‘‘(A) the amount required to be paid as a result of the suit or agreement to which paragraph (1) of section 162(f) applies, ‘‘(B) any amount required to be paid as a result of the suit or agreement which constitutes restitution or remediation of property, and ‘‘(C) any amount required to be paid as a result of the suit or agreement for the purpose of coming into compli- ance with any law which was violated or involved in the investigation or inquiry. ‘‘(2) SUIT OR AGREEMENT DESCRIBED.— ‘‘(A) IN GENERAL.—A suit or agreement is described in this paragraph if— ‘‘(i) it is— ‘‘(I) a suit with respect to a violation of any law over which the government or entity has authority and with respect to which there has been a court order, or ‘‘(II) an agreement which is entered into with respect to a violation of any law over which the government or entity has authority, or with respect to an investigation or inquiry by the government or entity into the potential violation of any law over which such government or entity has authority, and ‘‘(ii) the aggregate amount involved in all court orders and agreements with respect to the violation, investigation, or inquiry is $600 or more. ‘‘(B) ADJUSTMENT OF REPORTING THRESHOLD.—The Sec- retary shall adjust the $600 amount in subparagraph (A)(ii) as necessary in order to ensure the efficient administration of the internal revenue laws. ‘‘(3) TIME OF FILING.—The return required under this sub- section shall be filed at the time the agreement is entered into, as determined by the Secretary. ‘‘(b) STATEMENTS TO BE FURNISHED TO INDIVIDUALS INVOLVED IN THE SETTLEMENT.—Every person required to make a return 26 USC 6050X. VerDate Sep 11 2014 10:09 Oct 18, 2018 Jkt 079139 PO 00097 Frm 00076 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL097.115 PUBL097 dkrause on DSKBC28HB2PROD with PUBLAWS